Central 1 reports reduced Q2 profit

first_img Canaccord reports record revenues, drops proposal to acquire RF Capital Facebook LinkedIn Twitter Related news James Langton Share this article and your comments with peers on social media Canadian banks to focus on growth, spending and buybacks after strong second quartercenter_img Net financial income for the quarter was $19.2 million, down from $25.7 million in 2013. And, Central 1 reports that it had realized losses of $21.3 million and unrealized gains of $33.6 million on financial instruments, for a net gain of $12.3 million; down from a net gain of $17.9 million in 2013. However, ‘other’ income rose to $31.2 million in Q2, an increase of $2.6 million compared with the same period last year. The organization also says that assets in the B.C. credit union system were up to $60.5 billion by the end of the second quarter, which is a 4.0% gain from last year. “Asset growth was mainly in personal and commercial mortgages,” it reports, noting that they grew by 2.7% and 5.9%, respectively. Aggregate net loans increased by 4.2% year-over-year to reach $51.7 billion, and deposits increased 3.6% to $53.5 billion, it says. Assets of the Ontario credit unions that are members of Central 1 were $34.5 billion, which is up 8.0%, it reports. Asset growth in these institutions was mainly in residential mortgages, which are up by 12.7% from a year ago; and in commercial mortgages and loans, which are up 10.9%, it says. Central 1 says that its capital ratios remain strong and well within statutory limits. And, it notes that the liquidity of its investment holdings has improved over the past year as it is shifting to holding a larger proportion of government-issued securities in order to meet liquidity adequacy requirements set by the Office of the Superintendent of Financial Institutions (OSFI). Keywords EarningsCompanies Central 1 Credit Union Laurentian Bank reports $53.1M profit in Q2, beats expectations Profit at Central 1 Credit Union declined in the second quarter, the organization reported Monday. Central 1, which serves as the central financial facility and trade association for the B.C. and Ontario credit union systems, announced that second quarter profits came in at $14.7 million for the quarter ended June 30; which is down from $19.1 million in the same period last year, and down from the first quarter when profits came in at $20.6 million. last_img read more